(Closed) Made an offer on a house 2 days before the new one & its before me?!

posted 8 years ago in Home
Post # 3
Member
18 posts
Newbee
  • Wedding: August 2010

I think how it works is offers are sent in at different times but the ones the sellers look at are the ones that has the highest bid or best offers.Sometimes sellers will wait until they get an offer they like before they respond to any bidders. When we put in a bid for our place we found out that there were two others.  We had to up our bid. Hope that helps! Good luck with your house hunting!

Post # 4
Member
2889 posts
Sugar bee

I’m not a real estate agent but I would assume the new offer came in higher than yours which is why it is now second in line. Talk to your agent and see what oyu can find out, maybe you were just outbid.

Post # 5
Member
7431 posts
Busy Beekeeper
  • Wedding: October 2009

I agree, it goes by the best offer first and on down the list, don’t stress right now, I have learned after 2 years of house hunting that ANYTHING is possible

Post # 6
Member
424 posts
Helper bee
  • Wedding: June 2009

There are a few things that could have happened. I’m not a real estate agent, but I do work in Real Estate in an operational and bookkeeping capacity. 

 Your agent may have submitted the offer later than you’re aware of.

Or, if the selling agent knew that an offer was coming from someone they were acting as a buyers agent for, they could have submiited that offer to the client first so they receive commission on both sides.

You should talk to your buyers agent ASAP and find out if a Purchase Agreement has been signed on the property yet. If there has not, then you still have a chance to submit a higher offer. You need to stay all over your agents ass. If there has been a signed Purchase Agreement and the other buyer has financing, chances are they are getting the home. A seller can choose not to respond to an offer if a higher offer is on the table. Not very ethical, but I see it happen.

Post # 7
Member
5977 posts
Bee Keeper

I’m with the other posters in thinking that more than likely, the offer that came in after yours was a higher offer. Unfortunately, there isn’t a law against which offer you have to take – it’s completely up to the seller what they choose. You can counteroffer if you think you can afford more and you REALLY want the house…

Post # 10
Member
331 posts
Helper bee
  • Wedding: July 2010

Its my understanding that the sellers get all of the offers, be it one or 10 and look at all of them at the same time and consider them. You want to get yours in quick because they could accept it before another offer (that might be better) comes in. But, there is no orderly, one-at-a-time process; they put everything on the table.

Saying that you are third doesn’t necessarily mean that you are third in line, that they are going to look at two others before they touch yours, it could mean that they considered yours and it is the third most desirable, and so you probably aren’t getting the house unless it falls through with the other two. If they have considered all three, they have the option to counter them all, counter the best one, accept one as is,  whatever they want.

If it is the case that the seller isn’t even looking at the other offers, thats just weird. Though, real estate varies by location, so it could be different where you are, and maybe thats normal.

Post # 11
Member
331 posts
Helper bee
  • Wedding: July 2010

Also, your buyers agent should know what is going on and be keeping you informed. When I bought my last house, my agent told me there was another offer made before mine (but didn’t know the amount) and then after I made an offer, found out the other offer had upped theirs, so we increased ours. The seller was considering both of them.

Have you called your agent to ask for an update on what is happening? They won’t know the amount of the other offers, but should know if the seller is considering your offer.

Post # 12
Member
191 posts
Blushing bee
  • Wedding: October 2010

Licensed agent here (In CA). While I don’t 100% know your situation or fully understand the real estate law in OR, this is my opinion based on what you’ve told me: yes, it’s likely that the new offer the seller got was a higher offer. Unfortunately, to a seller, who made an offer first isn’t always the next highest priority offer. It’s who has the best terms for them. They can collect offers for a week and then look at them all or look at them as they come in, or any other method they prefer.  They have the right to accept or reject any offer they see fit. They also can request to not see all the offers until or unless one meets their requirements.

I agree with nonimouse, she put it very well (yours is the third most desirable, not the third they received). I also agree with Miss Starlet that you need to find out if the first offer has been accepted or not. If not, advise your agent that you’d like to put in a higher offer. Unfortunately, you’ll have to talk with your price and terms to the seller– that’s really the only way to get their attention. If they have an offer that’s a higher price and fewer contingencies (i.e., cash instead of financed, or shorter inspection period, no repairs, etc.) then that one will take priority over yours.

Good luck! Keep us posted.

 

 

Post # 13
Member
428 posts
Helper bee
  • Wedding: October 2009 - Church Ceremony/Reception at The Waterford House

Not a real estate agent either, but…. we just put our house on the market!!  The way our real estate agent explained it to us is that all offers will be presented to us and then we decide.  I think if you talk to your real estate agent, they would be able to explain the process better.

Post # 15
Member
4123 posts
Honey bee
  • Wedding: October 2010

Is it a regular market home, short sale, or foreclosure?

And, if your relator isn’t working in your best interest and doing everything in her power to get you into your dream house, I’d find another. You need her to fight for you not give up.

Post # 16
Member
331 posts
Helper bee
  • Wedding: July 2010

I’m a little worried that the realtor isn’t doing her best for you. No matter what, she should be explaining to you exactly what is going on! She can’t find out what the other offers are, but she can get a sense of how competitive yours is, and realistically let you know what your chances are and what your options are.

In this situation, she might (these are just examples) suggest that if you really want the house you’ll need to increase your offer. She should also offer her assessment of the market value, whether the house is worth more or not (just based on comps here–only you can decide what its worth to *you*). On the other hand, she might explain that there are more competitive offers and she knows you’re at the top of your budget right now, so she would advise that you continue looking, but that you would hear on this house one way or the other by ___ date and time.

How much did she advise you when you made the offer? Did she go through comps (comparable listings–similar houses in the same area) to assess the value of the house and decide on an amount to offer? Did she explain contingencies? Did she discuss what would happen next? When you would ask to hear back?

She might be a great agent, but based on what you’ve told us, I’m a little worried. At the minimum, she’s not keeping you informed!

 

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